Kenya plans investment in Iran’s Chabahar Free Zone

2021-11-07 15:45:35
Kenya plans investment in Iran’s Chabahar Free Zone

The Speaker of Kenya's Muranga County Assembly says the country is planning long-term investment in Iran's Chabahar Free Industrial Zone (CFZ), southeast of the country.

Speaking at recent meeting with the managers and traders of CFZ, Muranga County Assembly Speaker Leonard Nduati Kariuki said Kenyan traders will initially in tea and coffee, and later on other products.

Kariuki stated that establishing trade ties between Muranga and Chabahar Port city is the major objective of Kenyan delegation visit to Iran. He added that, “The dream of boosting trade relations is being realized, therefore, a delegation of businessmen joined us to review trade and investment issues in the region and talk to Chabahar traders."

"We came to Chabahar because we know that the Chabahar Free Zone has a strategic position in West Asia," he said.

Mohammad Hodaee, the Head of Economy and Investment at CFZ said the organization is ready to provide necessary facilitation for the Kenyan investment.

Before visiting Chabahar, the Kenyan delegation was in Tehran and later visited Kashan to explore mutual trade and investment opportunities.

Last week while visiting Kashan, central Iran, the Kenyan delegation met with the Kashan Chamber of Commerce, Industries, Mines, and Agriculture members to expand economic cooperation.

Bahauddin Hosseini, the representative of the Ministry of Foreign Affairs of Iran, who participated in the meeting, said: "The two sides stressed cooperation to exchange economic activities."

"The Kenyan delegation also had talks with some activists in the private sector in Kashan, which will lead to a contract in the near future," he added.

Late August, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Deputy Head for International Affair Mohammadreza Karbasi said in 2020 the trade volume between Iran and Kenya was about $60 million, noting that considering the two sides' great capacities it is possible to increase the level of trade up to $500 million in 2022.

According to the official, Iran can meet Kenya's needs in the fields of oil derivatives and bitumen, petrochemical products, health tourism, medicine, and food; Kenya, on the other hand, can meet the needs of the Iranian market in the field of cocoa, coffee, tea, grains, as well as food and livestock products.

“Given the good cooperation capacity between Iran and Kenya, a ceiling of $6 billion is projected for the economic exchanges between the two countries, but its realization requires a long-term view of the officials of the two countries and the necessary bedrock for the activities of traders in Iran and Kenya,” he added.

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